Ripple, a US blockchain company, has won another victory in its legal battle against the U.S Securities and Exchange Commission (SEC). A U.S District Court Judge in Manhattan ruled in favor of Ripple and overruled the regulator’s attempts to withhold documents.
Ripple’s lawyer James K. Filan shared the document . It shows that Judge Analisa Torres overruled agency objections and ordered the SEC comply with Ripple.
The SEC must now comply with Ripple’s request to produce documents
The regulator must now disclose drafts of a speech by William Hinman (ex-Director of the SEC’s Division of Corporation Finance), in which he declared that Bitcoin (BTC) , and Ethereum (ETH) were not securities.
SEC’s case against Ripple was based on the claim that the company’s token, Ripple, should not be considered a security and that its sale to investors infringed U.S. securities regulations. Contrary to the SEC’s position, the blockchain business claims that XRP cannot not be considered a security because there is no “investment agreement” that would give rights to investors.
Hinman stated, among other things, that ethereum was not a security in his June 15, 2018 speech. This was despite the fact that it has become “sufficiently decentralized” (HTTP0_ ) according to Crypto-Law.us.
Both requested a quick judgment earlier this month. This raised hopes among XRP investors and increased the possibility that Ripple’s legal troubles could be resolved quickly, potentially boosting Ripple’s native token’s value. Ripple then filed an application to dismiss the suit prior to trial in a federal district court.
According to , the market has responded positively to the announcement. XRP’s value rose to $0.49 at 08:30 UTC. This is an increase of 11.21% in 24 hours, which corresponds to a change of data from CoinMarketCap.com.